Sanjana Cryogenic Storages has raised a debt of Rs
62 crore, which was arranged by Rabo India. Several domestic
banks participated in the syndication.
debt was for Sanjanas two ammonia import infrastructure
facilities one on the east coast for Hind Lever
Chemicals and the other on the west coast for Indo Gulf
has taken up the project of setting up third-party ammonia
storage facilities on a build-operate-own-transfer (BOOT)
and a build-operate-own (BOO) basis in India. Currently,
it is the only private sector enterprise in India providing
infrastructural tank terminal facilities for ammonia
being an ammonia deficient country, has to import ammonia.
Imported ammonia is stored at -330C at atmospheric pressure
before it is despatched to fertiliser manufacturing
units, said a Rabo India press release.
Lever has entered into a long-term 25-year BOO contract
with Sanjana for a similar terminal to be set up by
September 2003. Assured monthly payments from Hind Lever,
to be trapped in escrow, will provide the returns on
the investment for the project.